OTTAWA, Jan. 31, 2018 /CNW/ - National Access Cannabis Corp. ("NAC" or the "Company") (TSX VENTURE: NAC), Canada's best practices leader in delivering secure, safe, and responsible access to legal medical cannabis announces that it has completed its previously announced non-brokered private placement offering (the "Offering"), pursuant to which the Company issued 10,909,091 units of the Company ("Units") at a price of $0.55 per Unit for gross proceeds to NAC of $6,000,000. The lead orders in the Offering were from Brett Wilson, the founder of FirstEnergy Capital Corp. and Chuck Rifici, the Chairman of the board of directors of NAC.

Each of the Units issued under the Offering is comprised of one common share in the capital of the Company ("Common Share") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each whole Warrant entitles the holder thereof to purchase one Common Share (a "Warrant Share") at a price of $0.90 (the "Exercise Price") per Warrant Share, subject to adjustment in certain events, for a period of 24 months following the closing of the Offering. Commencing on the date which is four months following the closing of the Offering, and subject to certain conditions, the Company shall have the right to accelerate expiry of the Warrants at any time where the volume weighted average trading price of the Common Shares for any 10 consecutive trading day period is greater than $1.10. The securities issued pursuant to the Offering are subject to a statutory hold period under applicable securities legislation until May 31, 2018.

The net proceeds from the Offering will be used for general corporate purposes and future working capital.  Although the Company intends to use the proceeds of the Offering as described above, the actual allocation of proceeds may vary from the uses set forth above, depending on future operations or unforeseen events or opportunities. 

In connection with the closing of the Offering, the Company paid a finder's fee to Intrynsyc Capital Corporation, an arm's length eligible person, consisting of a cash payment in the aggregate amount of $194,345.71 and an aggregate of 353,356 finder's warrants ("Finder's Warrants"). Each Finder's Warrant entitles the holder to acquire one Common Share at a price equal to the Exercise Price for a period of 24 months from the closing of the Offering.

This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About National Access Cannabis

NAC is Canada's best practices leader in delivering secure, safe, and responsible access to legal medical cannabis. NAC enables patients to gain knowledge and the legal medical documentation required to navigate Canada's disparate network of authorized Licensed Producers of Cannabis.  Through its Canada-wide network of care centres, NAC has partnered with health professionals to improve the quality of life of its local members and provide services designed to inform, educate and supply expert advice. For more information, visit www.nationalaccesscannabis.com or refer to the Company's profile on the SEDAR website at www.sedar.com

National Access Cannabis Corp. is listed on the TSX Venture Exchange under the symbol (TSXV: NAC).

Cautionary Statements

This news release contains forward looking statements and forward looking information within the meaning of applicable securities laws.  The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward looking statements or information. Forward-looking statements and information in this news release includes, but is not limited to, statements concerning the use of proceeds from the Offering. Although the Company believes that the expectations and assumptions on which the forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company cannot give any assurance that they will prove to be correct. Since forward looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical and potential cannabis industry in Canada generally; income tax  and regulatory matters; the ability of the Company to implement its business strategies; competition; crop failure; currency and interest rate fluctuations; and other risks. The Company cautions that the foregoing list of risks and uncertainties is not exhaustive.

In addition, the reader is cautioned that historical results are not necessarily indicative of future performance. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward looking statement or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE National Access Cannabis Corp.

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